Nichols - Juicy profits and cash generation
NICL's FY23 results showed good progress made as the Packaged business continued to drive growth through product innovation and geographic expansion. Inflationary pressures were largely mitigated and the benefits from the restructuring of the Out of Home (OoH) business are starting to come through, leading to improved profitability. Free cash flow generation was very strong in the year, resulting in an improved net cash position of £67.0m (vs £56.3m at end-FY22). Given the high levels of cash on the balance sheet, management is assessing capital allocation options, including continued investment in the business, returns to shareholders and M&A opportunities.Nichols is an international soft drinks business, selling products in both the still and carbonate categories. Co. owns the Vimto brand. Other brands in its portfolio include Feel Good, Starslush, Levi Roots and Sunkist. Co. is primarily engaged in the supply of soft drinks to the retail, wholesale, catering, licensed and leisure industries. Co.'s business segments operate in the Middle East, Africa, the Rest of the World and the U.K.
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